Bullion sales tax · Illinois
Illinois sales tax on gold and silver
Is gold taxed in Illinois?
No.
Illinois does not tax government-issued legal-tender coins, currency and medallions (even rare ones) or gold, silver, or platinum bullion that is at least 98% pure; palladium bars, lower-purity bars or rounds, privately issued medallions, and jewelry are taxable.
Palladium bars are taxed, and bars and rounds must be at least 98% pure.
- Investment gold & silver
- Tax-free
- Order threshold
- None
- Metals covered
- Gold, silver and platinum; not palladium
- Jewelry
- Taxed · about 8.96%
What's taxed in Illinois
| What you're buying | Sales tax | What it means |
|---|---|---|
| Gold and silver bars and rounds | No sales tax | No sales tax in Illinois, whatever the order size. |
| Gold and silver bullion coins (Eagles, Maple Leafs, Krugerrands) | No sales tax | No sales tax in Illinois, whatever the order size. |
| Platinum bars and rounds | No sales tax | No sales tax in Illinois, whatever the order size. |
| Palladium bars and rounds | Sales tax applies | Illinois's exemption doesn't cover palladium bars, so they are taxed. |
| Platinum and palladium coins (Eagles, Maple Leafs) | No sales tax | No sales tax in Illinois, whatever the order size. |
| Rare and graded (numismatic) coins | No sales tax | No sales tax in Illinois, whatever the order size. |
| Jewelry | Sales tax applies | Taxed like other goods in Illinois. |
| Medals, collectibles and accessories | Sales tax applies | Taxed like other goods in Illinois. |
The rule, in plain English
Illinois does not tax government-issued legal-tender coins, currency and medallions (even rare ones) or gold, silver, or platinum bullion that is at least 98% pure; palladium bars, lower-purity bars or rounds, privately issued medallions, and jewelry are taxable.
What counts: 35 ILCS 105/3-20 (Use Tax Act; ROT parallel): 'bullion' means 'gold, silver, or platinum in a bulk state with a purity of not less than 980 parts per 1,000.' Coins: legal tender, currency, medallions, or gold or silver coinage issued by the State of Illinois, the U.S. government or any foreign government.
Still taxed: Palladium bars/rounds. Gold, silver or platinum bars/rounds below 98% purity. Commemorative medallions or coins minted by private businesses or other U.S. states. Any exempt coin incorporated into jewelry (the whole jewelry sale is taxable). Accessories.
What you would pay: three Illinois examples
| Purchase delivered to Illinois | Sales tax |
|---|---|
| Silver coins, $500 | $0 exempt investment bullion |
| Gold coins, $5,000 | $0 exempt investment bullion |
| A gold necklace, $1,000 | about $90 jewelry is taxed |
Using Illinois's 6.25% state rate plus the average local rate, 8.96% combined (Tax Foundation, January 2026). Your city or county rate may be higher or lower.
Illinois and its neighbors
Different rules next door: Indiana (partly tax-free). Same as Illinois: Iowa, Kentucky, Missouri and Wisconsin. Tax follows the delivery address, not where you live.
Buying from Bullion Trading LLC with delivery to Illinois
Our checkout applies Illinois's rule, so no sales tax is added to investment bullion delivered there.
Illinois does not exempt palladium bars and rounds. Those items can't be checked out online for delivery to Illinois; call 646 362 3536 to arrange the order.
Orders ship insured and discreetly packed: USPS under $1,000, FedEx with adult signature from $1,000, usually within 2–3 business days after payment clears. Bank transfer and check are our best price; card and PayPal add 5% (up to $7,500).
Tax-free in Illinois: popular coins and bars
The large price is the check/wire price; the card/PayPal price is listed under it. Prices follow the live spot price.
Selling gold in Illinois
Selling gold to a dealer is not a retail purchase, so no sales tax applies. A profit is a capital gain: the IRS taxes gains on gold and silver bullion as collectibles, at up to 28% when held more than a year. Illinois taxes the gain as ordinary income (top rate 4.95% in 2026).
Dealers have to report some larger sales to the IRS on Form 1099-B; keep your purchase receipts to show your cost.
We buy bullion at our counter at 20 West 47th Street in New York: walk in with a photo ID and we pay by same-day check. How selling to us works
Local taxes
Local and home-rule occupation taxes administered by IDOR use the same base, so the exemption carries through. Taxable items pay state plus local rates (Chicago area 10.25%+).
Common questions about Illinois
Is gold taxed in Illinois?
No. Illinois does not tax government-issued legal-tender coins, currency and medallions (even rare ones) or gold, silver, or platinum bullion that is at least 98% pure; palladium bars, lower-purity bars or rounds, privately issued medallions, and jewelry are taxable.
Is silver taxed in Illinois?
No. Investment silver bullion and coins are exempt from sales tax in Illinois.
Is gold jewelry taxed in Illinois?
Yes. Jewelry is taxed like other goods in Illinois (about 8.96% on average with local tax), even when it is made of gold, silver or platinum.
Do I pay tax when I sell gold in Illinois?
Selling gold to a dealer is not a retail purchase, so no sales tax applies. A profit is a capital gain: the IRS taxes gains on gold and silver bullion as collectibles, at up to 28% when held more than a year. Illinois taxes the gain as ordinary income (top rate 4.95% in 2026).
Selling to a dealer
No sales tax
A gain on the sale
Taxed by the IRS as a collectible, up to 28% when held more than a year
Sources
- 35 ILCS 120/2-5(18) — Retailers' Occupation Tax exemption: legal tender, currency, medallions, gold or silver coinage, and bullion (checked October 19, 2026)
- 35 ILCS 105/3-20 — Bullion defined (980 parts per 1,000) (checked October 19, 2026)
- 86 Ill. Adm. Code 130.1910(c) — IDOR regulation on coins/bullion (cited by the GIL and the Tax Matrix) (checked October 19, 2026)
- IDOR General Information Letter ST 21-0006-GIL (Jan. 28, 2021) — Sale of legal tender, currency, medallions, coinage and bullion exempt even if rare; private/other-state issues and jewelry taxable (checked October 19, 2026)
- IDOR Illinois Sales & Use Tax Matrix (effective January 1, 2026), item 1024 — Collector coins which are legal tender: Exempt (86 Ill. Adm. Code 130.1910; ST-16-0017-GIL) (checked October 19, 2026)
- 86 Ill. Adm. Code 130.1910(c) — Special Provisions Concerning Coins (amended at 24 Ill. Reg. 15104, eff. Oct. 2, 2000) (coins by metal; checked October 21, 2026)
- Springfield Rare Coin Galleries, Inc. v. Johnson, 115 Ill. 2d 221 (Ill. 1986) — Illinois Supreme Court strikes the 1984 'except the Republic of South Africa' (Krugerrand) exclusion and severs it (coins by metal; checked October 21, 2026)
- State and Local Sales Tax Rates, 2026 (table: State & Local Sales Tax Rates as of January 1, 2026) (Tax Foundation)
- 2026 Sales Tax Rates, Midyear Update (rates as of July 1, 2026) (Tax Foundation)
- State Individual Income Tax Rates and Brackets, 2026 (Tax Foundation)
- IRS Topic 409: capital gains and losses (collectibles rate)
How we research and check this guide: our method.